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Posted by Elle on April 8, 2007, 7:12 am
This leapt out at me from a recent U.S. News & World Report
article:
"Nearly two thirds of workers 55 and older have less than
$100,000 saved for their golden years, according to a recent
study by the Employee Benefit Research Institute."
See
http://www.usnews.com/usnews/biztech/articles/070401/9prime.htm .
Some other interesting notions about financial management
while in retirement appear.
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Posted by Elizabeth Richardson on April 8, 2007, 1:14 pm
>
> "Nearly two thirds of workers 55 and older have less than
> $100,000 saved for their golden years, according to a recent
> study by the Employee Benefit Research Institute."
>
So when they no longer work, will they, by your definition in another
thread, be wealthy?
Elizabeth Richardson
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Posted by Elle on April 8, 2007, 3:03 pm
>> "Nearly two thirds of workers 55 and older have less than
>> $100,000 saved for their golden years, according to a
>> recent
>> study by the Employee Benefit Research Institute."
>>
>
> So when they no longer work, will they, by your definition
> in another
> thread, be wealthy?
I never used the word "wealthy" in the other thread ("Saving
and Invest"). Also, you seem to be conflating "not working"
with "not having to work." To respond further to your
assumptions, which are not mine and which do not make sense
to me, just muddies the waters further.
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Posted by on April 10, 2007, 10:42 am
wrote:
Elizabeth:
some analytical insight into these issues.
http://www.bc.edu/centers/crr/jtf_13.shtml
401(k) Plans and Women: A "Good News/Bad News" Story
http://www.bc.edu/centers/crr/jtf_10.shtml
Why Are So Many Older Women Poor?
by Alicia H. Munnell*
http://www.bc.edu/centers/crr/wob_1.shtml
http://www.bc.edu/centers/crr/ib_35.shtml
Why Do Women Claim Social Security Benefits So Early?
by Alicia H. Munnell and Mauricio Soto*
October 2005
IB #35
For full paper in PDF format, click here (60 KB).
Introduction
If individuals continue to withdraw completely from the labor force in
their early 60s, a large and growing number will be hard pressed to
maintain an adequate standard of living throughout retirement.
Economic and demographic pressures are gradually eroding key sources
of retirement income at the same time that increases in life
expectancy mean that people can expect to live for 20 years, on
average, after they stop working. And averages do not tell the whole
story. Nearly one third of women and almost one fifth of men will live
into their 90s.
....
One would think that the higher benefits are particularly important
for women, who on average have much longer life expectancy.
Unfortunately, women, even more than men, tend to claim Social
Security benefits as soon as they become available. The question is
why?
This brief summarizes the incentives facing older women when claiming
their Social Security benefits. The analysis shows that single women
and married women face very different choices. For most married women,
the Social Security benefit structure actually encourages them to grab
their benefits as soon as possible. These incentives reinforce the
tendency for wives, who are usually younger, to retire when their
husbands do. Early claiming may maximize the wife's Social Security
"wealth," but it also encourages them to stop working, creating a loss
of earnings and 401(k) savings and extending the period over which
they need support in retirement.
see also:
http://www.bc.edu/centers/crr/upshort.shtml
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Posted by Elizabeth Richardson on April 10, 2007, 11:46 am
>
> http://www.bc.edu/centers/crr/ib_35.shtml
>
> Why Do Women Claim Social Security Benefits So Early?
> by Alicia H. Munnell and Mauricio Soto*
>
> October 2005
> IB #35
>
Yes, a reference to that paper came up several months ago. It, and the
ensuing discussion, changed my mind about when I would begin taking SS
payments. It is a good article.
But, my comment in this thread had to do with Elle's response in another
thread suggesting those who choose not to no longer work can be defined as
"well off". Since retirement is a choice to no longer work, by Elle's
definition, all retirees are well off. I was just poking at such a
generalization.
Elizabeth Richardson
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